New Car Lease vs Buy

New Car Leasing vs Buying

Why Should You Lease a New Car?

If you prefer to drive newer, safer, more reliable cars, but prefer not commit to a big down payment every few years, and also do not travel an excessive amount of miles yearly, then a new car lease could be better for you. Leasing is designed for those who would prefer to avert the hassle of buying and selling every time they want to upgrade to a new car, truck, or SUV.

Why Should You Buy a New Car?

Conversely, if you prefer long term relationships with a larger sense of ownership and commitment, then buying may be what’s right for you. Car-buying is typically best for those who don’t mind driving the same car for more than five years or even until it’s no longer suitable for the road.

Buy vs Lease: Which One Is Right for You?

Being aware of the pros, cons, and overall benefits of buying vs leasing a vehicle is imperative. Be sure to contemplate monthly payments, vehicle ownership, repair costs, and potential savings when considering the best new car, truck or SUV financing type for you.

Buying: Ownership vs Leasing

When considering vehicle financing, new car ownership surely comes with many advantages, most associated with complete ownership of the car or truck. You may not realize, however, there are also some nice benefits of leasing, as well. It’s imperative to consider all financial aspects including monthly payments, down payment, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A close diagnosis of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the optimal choice between leasing and buying a new car.

pros and cons of leasing vs financing a new car

Monthly Payments

Car, truck, or SUV lease payments are often times less expensive when compared to car financing and loan payments as the normal lease contract is basically renting with the option to buy out at the end of your lease term. Just consider when leasing that you will need a higher credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the better rate auto loans. Although it might likely increase monthly payments, it is also wise to get a model with the features you need or want, as personal satisfaction is often priceless.

is it better to finance or lease a car

Maintenance & Repair

Auto leasing often includes regular vehicle maintenance & repair. It is important to keep this in mind when projecting monthly costs of leasing vs ownership. Regardless of which make and model you buy, mechanic bills are an unpredictable cost that can rapidly add up. And for those of us who aren’t certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing could be the best option for peace of mind.

lease vs finance car analysis

Investment vs Savings

In general, a new car lease saves money in the short term with lower monthly payments, while buying earns you a long term investment, meaning full ownership of the value of the car at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For your best investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.

LeaseBuy
OwnershipNo OwnershipPride of Ownership
Down PaymentSmaller Down PaymentLarger Down Payment
Monthly PaymentSmaller Monthly PaymentsLarger Monthly Payments
Maintenance & Repair CostsTypically IncludedNot Included
Savings/InvestmentShort Term SavingsLong Term Investment
Finance TermApprox. 2-4 YearsApprox. 3-6 Years
APR %Credit-BasedCredit-Based
New VehiclesAvailableAvailable
Pre-Owned VehiclesNot AvailableAvailable
Vehicle CustomizationNot AvailableAvailable
Poor Credit FinancingNot AvailableAvailable

Honda Lease and Finance Offers In Tulsa OK

South Pointe Honda knows that choosing the right Honda car and financing option is never easy. Our team of experienced Honda lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Tulsa, OK. We look forward to serving you.


Such an incredible experience purchasing my first new car from South Pointe Honda! I had the pleasure of working with Zechariah and his attention to detail was excellent! I also appreciated his attentiveness to both myself and another customer in need of his assistance. He went above and beyond to make sure we both felt taken care of, with honesty and compassion! The whole process was easy and simple. The care package I received in the mail a few days later was the icing on the cake, or should I say cookie 😉 Thank you all for the no hassle, transparent car buying experience! Highly recommend them for all of your car needs!

Customer: Jennifer Eason
Date: 2021-04-06

Excellent experience! Chris Cox, Steve Davis, Eli Davis,...

Excellent experience! Chris Cox, Steve Davis, Eli Davis, Randy Strawn, Dave Brock, all, I appreciate your help, patience and respect. I am glad to be a part of your list of happy customers, Thank you!

Customer: Marycom
Date: 2021-04-03

Joel is an excellent sales rep. He answered all my...

Joel is an excellent sales rep. He answered all my questions, patiently allowed me to drive four vehicles, and gave me time to make my choice. He knows his vehicles and was kind and courteous throughout my car shopping/purchase experience.

Customer: Sfentonwriting
Date: 2021-04-01

Out of all the Honda dealer ships I have been to.. South...

Out of all the Honda dealer ships I have been to.. South Point Honda has had the best customer service and they truly care about their customers. My family has bought nearly 5 cars there within the last 5 years and we never have been disappointed with how helpful they are at South Point Honda. When visiting them to find the car of your dreams ask for Joel he was so helpful when I was picking out my new HR-V!

Customer: Summerray
Date: 2021-03-27

Joel was an outstanding salesman. This is the first place I have ever been car shopping and felt completely comfortable. Joel asked us how he could help, listened to what we wanted, and offered us a vehicle. That simple!

Customer: Brandon Matthes
Date: 2021-03-25